The New York Yankees and Bank of America have ended talks on pursuing a major sponsorship deal.
The deal was being termed as a "pseudo stadium naming rights deal" because the two parties had discussed giving the bank premium branding in the new Yankee Stadium.
On Thursday afternoon, Bank of America confirmed to Newsday that talks were suspended last month.
A Yankees official told CNBC on Thursday that the two mutually agreed to part ways after seeing the heat that Citigroup was getting for putting its name on the new Mets stadium.
New York Yankees spokesperson Alice McGillion released this statement Thursday afternoon:
"During our discussions with Bank of America, we discussed a special relationship, not a naming rights relationship, with the bank at the new stadium. In light of recent events, with the downturn in the economy and the effect on financial institutions including government support of those institutions, we have determined that it is better to enter into a traditional business arrangement with a financial institution."
Both Bank of America and Citigroup received $45 billion in TARP funds.
Source: CNBC
